Chainalysis estimates that global taxable on-chain cryptocurrency activity exceeded $457 billion in 2025. The OECD’s Crypto-Asset Reporting Framework, known as CARF, covers only about 14% of that total, leaving a $393 billion blind spot for tax authorities worldwide. The United States dominates the ranking with $112.6 billion, followed by Germany ($24.1 billion), China ($21 billion), the United Kingdom ($19.4 billion), and India ($19 billion). Stablecoin payment flows represent the largest category by volume, while staking alone generated an estimated $17.9 billion in taxable activity in the US. CARF data collection is expected to begin in 2026, with international data exchanges between jurisdictions starting in 2027.
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